Is a student on F-1 visa liable to declare foreign financial accounts detail (FBAR) to IRS?

No. Mandatory Reporting of Foreign Bank and Financial Accounts (FBAR) (http://mytaxes.in/index.php?topic=1.0)

I agree. Only "U.S. persons" must file. This includes U.S. citizens and U.S. residents. As long as you have not been in the U.S. for more than 5 years under your F-1 visa, you are not required to file.

77seas:

However, you DO have to file Form 8843 by itself (the second page needs to be signed) if you are not filing a tax return.